Uber Is Said to File for an I.P.O. as It Races Lyft to a Public Debut
Passengers liked Uber’s comfort and embraced it in towns such as San Francisco, New York and London. Uber now operates in additional than 600 towns throughout 63 international locations, offering greater than 15 million journeys a day.
Venture capitalists and different traders, seizing on Uber’s fast expansion, shoveled billions of greenbacks into the corporate to assist it dominate. The corporate’s traders come with the challenge capital company Benchmark, First Round Capital, TPG, SoftBank, Toyota and Fidelity Investments. Many of them are set to reap giant returns from an I.P.O.
“Uber’s stock is widely distributed, and it will transform the lives of many thousands of families who have worked hard for this outcome,” mentioned Matt Ocko, a challenge capitalist who invested in Uber when it was once a younger corporate. Many Uber workers will move on to get started different firms, he mentioned. “This ‘virtuous cycle’ is still a big part of what makes the Valley great,” he added.
Over time, Uber branched out into other spaces, like meals and retail supply, e-bike and scooter leases, trucking and freight control and self sustaining cars — even attempting to construct flying cars. Some of those efforts have run into difficulties, together with previous this yr when an Uber driverless automobile killed a pedestrian in Tempe, Ariz.
Uber underwent a rocky 2017 when its office tradition confronted scrutiny for sexual harassment and for hanging expansion above all different issues. Mr. Kalanick was once ousted in June 2017 after shareholders staged a rise up in opposition to him.
Mr. Khosrowshahi was once appointed Uber’s leader govt a few months later. He has vowed to reinforce the corporate’s tradition and mend damaged relationships with regulators, lawmakers and others.
“We’re not done by any means, but if you look at where we were one year ago, we were dealing with fundamental issues of governance, of board alignment, of these continuing battles amongst power-brokers on our board and whether or not we were going to have SoftBank with us or against us,” Mr. Khosrowshahi mentioned in an interview with The New York Times previous this yr. “Those were very important issues to deal with and to resolve, and I think we resolved them quite effectively in a positive way.”